11. CTV productions is considering producing a pilot for comedy series for a major television network. The network may reject the pilot and the series or it may purchase the program for one or two years. CTV may decide to produce the pilot or transfer the rights for the series to a competitor for K400 million. CTV profits are summarized in the following profit payoff table. The amounts are in millions of Kwacha. Reject STATE OF NATRE 1 year 2 year 200 600 400 400 Action Alternative Produce pilot Sell to competitor -400 400 ii. if the probability estimates for the state of nature are P (reject) = 0.3, P (1 year) = 0.5 and P (2 years) = 0.2. What should the company do? iii. What is the optimal decision strategy if perfect information is available? iv. What is the expected value of perfect information